TORONTO, July 7, 2017 /CNW/ - A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Halifax, Nova Scotia on April 26, 2017 in the matter of Robert Henry Young ("Respondent"). The Reasons for Decision relate to the Hearing Panel's acceptance of the settlement agreement ("Settlement Agreement") entered into between the Respondent and Staff of the MFDA.
In its Reasons for Decision dated July 7, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular:
- a five (5) year prohibition on the authority of the Respondent to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $5,000, payable on or before June 30, 2017;
- costs in the amount of $5,000; and
- shall in the future comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations made thereunder, including MFDA Rules 1.3, 2.5.1, 1.1.2 and 2.1.1.
Copies of the Reasons for Decision and Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Dartmouth, Nova Scotia.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
For further information: Charles Toth, Director, Litigation, 416-943-4619, email@example.com